The first 6 months of 2021 saw record breaking sales across the housing market with demand for property still outstripping supply. Consumer confidence is higher than before the pandemic outbreak and mortgage rates remain low. Although price growth is anticipated to moderate over the coming months, it is likely that 2021 will prove to be the busiest market in over a decade.
The average price (£254,624) of a property across the UK is currently 10% higher than it was a year ago, and price growth is at its strongest since September 2007. A shortage of supply and a high demand have underpinned this growth with record breaking asking prices across all regions in the UK.
The desire for a lifestyle change and more space together with taxation savings in the wake of the pandemic saw an estimated 880,000 property sales completed in the first 6 months of this year. Close to 200,000 sales in June alone as the first phase of the SDLT holiday came to an end in England and Wales (source HMRC).
According to Rightmove and Zoopla buyer demand remains considerably higher than a year ago. In excess of 81,000 new mortgages were approved in June (Bank of England), over 20% higher than the long term June average. However there remains a shortfall in the number of properties on the market. The majority of agents anticipate prices will rise over the next 12 months but the remainder of 2012 will depend on the governments support packages which have obviously helped the market so far. With consumer confidence on an upward trajectory this is a good time to put your house on the market. Our view, as always, is that if you want to achieve the best price, then staging your property is essential with recent projects we have worked on bearing this out.
Some interesting stats across the UK
Larger properties have proved the most sought after to date in 2021 according to Rightmove. They have reported a 39% increase in sales of larger homes.
East of England
1698 properties sold for £1m or more in the last 12 months. The average sale price in the area is £1,043,648
Greater London
9302 properties sold for £1m or more in the last 12 months. The average sale price in the area is £2,418,692
North East
41 properties sold for £1m or more in the last 12 months. The average sale price in the area is £515,717
South East
4901 properties sold for £1m or more in the last 12 months. The average sale price in the area is £1,307,640
North East
41 properties sold for £1m or more in the last 12 months. The average sale price in the area is £515,717
South West
1249 properties sold for £1m or more in the last 12 months. The average sale price in the area is £963,070
Wales
46 properties sold for £1m or more in the last 12 months. The average sale price in the area is £567,062
West Midlands
348 properties sold for £1m or more in the last 12 months. The average sale price in the area is £720,956
East Midlands
200 properties sold for £1m or more in the last 12 months. The average sale price in the area is £654,805
Yorkshire and Humberside
225 properties sold for £1m or more in the last 12 months. The average sale price in the area is £646,251
(data provided by Bank of England, HMRC, ONS)
